Tech startup of the month. (High Tech Coloradobiz).POLIVEC, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
Antonym: dec. ., COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city.
FOUNDED: OCTOBER 1999
(as E-business Technology Inc.; renamed Polivec in January 2002)
LAUNCHED OPERATIONS: FEBRUARY 2002
INITIAL LIGHTBULB: In the early 1980s, Dr. Bruce Hartley manned a missile warning post at NORAD NORAD
North American Aerospace (formerly Air) Defense Command , but he's long since moved on to fending off totally different foes: hackers. Now a 15-year vet of IT security, Hartley -- along with co-founders Tony Locke For the English cricketer, see .
Tony Locke (born 1980-12-03 in Springfield, Ohio) is an Arena Football League wide receiver/defensive back for the New Orleans VooDoo. He played college football for the Ohio State Buckeyes where he was a two-year letterman. and Ron Toman to·man
A gold coin formerly used in Persia worth 10,000 dinars.
[Farsi tm -- started PoliVec in response to what they saw as a market need for policy-driven security software.
From their previous experience working together at Trident Data Systems and DMW DMW Dead Man Walking
DMW Domain Migration Wizard (domain reconfiguration software)
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DMW Dawson Motor Works Worldwide for such clients as the Department of Defense, the founders "have a pretty good understanding of what the real pain points are from a security standpoint," said Hartley. "(Companies) write a security policy, they do an assessment, they make corrections, and they think they're reasonably secure. What happens invariably in·var·i·a·ble
Not changing or subject to change; constant.
in·vari·a·bil is something changes in their system environment. They have no idea what just changed in their security posture until they get hacked."
As an alternative to this backward-looking approach, the 35-employee PoliVec developed a suite of software that allows companies to proactively build security policies, identify weaknesses in their ever-evolving IT architecture, and ultimately keep the bad guys at bay.
IN A NUTSHELL: PoliVec is shorthand for 'Policy Vector,' meaning the company's products are designed to integrate security policies with the underlying Windows NT/2000 infrastructure. "We tie the policy and the configurations together," Hartley said. "For the first time, the management and the IT organization are really tied together from a security perspective."
The company shipped its first products, PoliVec Builder and PoliVec Scanner, late last year, and unveiled its third product, PoliVec Enforcer, in May. Backed by proprietary patent-pending technology, each is a different piece of the security puzzle. Builder guides the user through the process of developing a security policy, Scanner analyzes the system and identifies weaknesses, and Enforcer monitors the network in real time and alerts against security threats.
"We are extremely efficient," said Hartley. "I can paint the entire security configuration of a device in 300 to 400 bytes of data. One of our competitors, their agent size is 135 megabytes. Our agent is 50K ... yet we have greater functionality."
Mid-sized clients pay a one-time licensing fee for each product: $7,500 to $10,000 for Builder, about $25,000 for Scanner, and roughly $50,000 to $100,000 for Enforcer. Maintenance costs 20 percent of the total investment annually.
"It's one of those relationships we've become very comfortable with," said Butch Hill, VP of information technology at Air Academy Federal Credit Union in Colorado Springs, one of PoliVec's first clients. "They have some approaches to security brought out of their work with the DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. ."
In January, PoliVec named Roberto Medrano CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Formerly the general manager of Hewlett-Packard's e-services and Internet security ''This article or section is being rewritten at
Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. division, Medrano is a well-known figure in the IT security world.
THE MARKET: According to a recent forecast by IDC, the worldwide market for software security -- $11.8 billion in 2000 -- is poised to grow to more than $35 billion by 2005. IDC further projected that the specific space occupied by PoliVec, the 3A (authentication, authorization, and administration) software security sector, would outpace the rest of the industry, growing 340 percent to $9.5 billion from 2000 to 2005.
"We're in the right space at the right time," Hartley said.
PoliVec is initially targeting the banking, credit and health-care verticals, a shrewd move considering recent legislation (such as HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, and the Gramm-Leach-Bliley Act) that heightened the requirements for companies that house private data. Current customers include Safeway Rocky Mountain Federal Credit Union, Denver Police Federal Credit Union, and Englewood-based CSG CSG - constructive solid geometry Systems.
FINANCING: The company closed its first funding round of $8.5 million in May 2000, and is currently on the cusp of closing a second round in the $5 million to $8 million range, said Hartley. Palo Alto, Calif.-based Crimson Ventures funded the entire first round and is also a player in the second round.
The presence of only one VC firm in the first round "was very much an intentional act," Hartley added. "We were able to focus on building product while managing only one investor."